I think "Insert Color..." is a good name. And to find some command within TM bundles you can use Quicksilver. Turn on User Interface Access plugin and do "Current Application..." -> "Show Menu Items" (i setup it as Option+Space trigger - its pefect!). For now you can search trough current application menu items by name.
BTW I hear that Leo have Help menu item that can search trough menu items... Still on Tiger so can't check it.
P.S. "Select Bundle Items..." works too but QS just works better ;) One example: i need to create new blog post (Markdown). "Select Bundle Item..." can't help just becouse this command isnt' within bundle. So i press Option+Space and type 'bmark' and QS finds Blog Post (Markdown) command. All i need to do - press Return.